leadf
logo-loader
viewOra Banda Mining Ltd
(
ASX:OBM
)

Ora Banda Mining to receive $11 million for Mt Ida

TNT is currently completing due diligence, which should be finalised along with approvals, by close of business on Friday, September 17.

Ora Banda Mining to receive $11 million for Mt Ida

Ora Banda Mining Ltd (ASX:OBM) will sell TNT Mines Ltd (ASX:TIN) 100% of its Mt Ida Gold Pty Ltd.

After weeks of negotiation, a formal non-binding agreement has been executed, which will see TNT pay A$11 million in cash for the asset.

Conditions to be met

For the deal to go through, certain conditions had to be met.

These included:

  1. Formal agreement: the parties using their best endeavours to enter into a formal agreement documenting the transaction contemplated by this offer within seven days of acceptance of the offer.
  2. Due diligence: the purchaser completing legal, financial and technical due diligence on the Mt Ida asset within 14 days, including tax matters and structuring of a transaction.
  3. Fund raising: the purchaser receiving binding commitments for a capital raising of not less than A$12 million within seven days of acceptance of this offer and subject only to the execution of a formal agreement.
  4. Approvals: the receipt of all necessary regulatory and third-party consents, waivers and approvals within seven days of execution of a formal agreement.

Set to be completed by September 17

As this is a non-binding agreement, the acquisition is not yet guaranteed.

TNT is completing due diligence, which should be finalised along with approvals, by close of business on Friday, September 17.

Completion is on track for this date.

Quick facts: Ora Banda Mining Ltd

Follow
ASX:OBM

Price: 0.09 AUD

Market Cap: $87.68 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Ora Banda Mining reports further strong drill results from Riverina South...

Ora Banda Mining Ltd's (ASX:OBM) (FRA:M6N) David Quinlivan talks Proactive's Andrew Scott through further strong Riverina South and Riverina Underground gold assay results from an infill drilling program that recommenced in January this year at the deposits near the Davyhurst processing plant in...

on 9/3/21

2 min read